Financial Daily from THE HINDU group of publications
Saturday, Mar 25, 2006
Financial Daily from THE HINDU group of publications Saturday, Mar 25, 2006 |
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Markets
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Stocks Stock split hopes charge up Exide Industries
Pratim Ranjan Bose
Kolkata , March 24 Exide Industries Ltd may go in for a stock split from the current face value of Rs 10 each to Rs 2 per share, according to market sources. The company has reportedly begun the exercise to increase the liquidity in the counter. According to sources, the proposal for stock split would formally be placed before Exide's board in the next month. When contacted a company spokesperson, however, declined to comment on the subject. Exide has a total of 7.5 crore equity shares. Of the total number of securities, 53.42 per cent is held by the promoters and 33.44 per cent by the institutional investors. Indian public shareholding is 12.04 per cent or 90.26 lakh shares. Hopes of a stock split, meanwhile, charged up stock's movement of late on the bourses. The counter has witnessed a rally in both the NSE and the BSE during last one week. On the BSE, it has gained 5.86 per cent rise since March 17 to finish today at Rs 270.15. A total of 47,565 shares are traded between BSE and NSE on Friday. On March 23, the stock created its 52-week high at Rs 278 on the BSE and at Rs 280 on the NSE. According to Mr Rajesh Agarwal, an analyst with CD Equisearch, the split would raise the traded quantity on the exchanges, currently recording in thousands only. "Retail participation in daily trading would surely go up as the affordability will increase. It has happened in most of the stocks that had brought the face value", he added. A dealer in an institutional brokerage said that only 12 per cent (90.26 lakh shares) stake of Exide is with public. "Split would remove partly the bottleneck for a regular activity in the counter," she added.
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